1. Corporate presentation April 2018

2. Disclaimer
There are numerous uncertainties inherent in estimating reserves and resources, and in projecting future production, development expenditures, operating expenses and cash flows. Oil and gas reserve engineering and resource assessment must be recognised as a subjective process of estimating subsurface accumulations of oil and gas that cannot be measured in an exact way. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. This presentation contains forward looking statements which involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the oil and gas industry, many of which are outside the control of and may be unknown to Carnarvon Petroleum Limited. No representation, warranty or assurance, express or implied, is given or made in relation to any forward looking statement. In particular no representation, warranty or assumption, express or implied, is given in relation to any underlying assumption or that any forward looking statement will be achieved. Actual and future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements were based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements, and should rely on their own independent enquiries, investigations and advice regarding information contained in this presentation. Any reliance by a reader on the information contained in this presentation is wholly at the readers own risk. Carnarvon and its related bodies corporate and affiliates and their respective directors, partners, employees, agents and advisors disclaim any liability for any direct, indirect or consequential loss or damages suffered by a person or persons as a result of relying on any statement in, or omission from, this presentation. Subject to any continuing obligations under applicable law or any relevant listing rules of the ASX, Carnarvon disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this presentation to reflect any change in expectations in relation to any forward looking statements or any such change in events, conditions or circumstances on which any such statements were based. Nothing contained in this document constitutes investment, legal, tax or other advice. This document, and the information contained within it, does not take into account the investment objectives, financial situation or particular needs of any recipient. Before making an investment decision, you should consider seeking independent professional advice before seeking to take any action based on the information contained in this document. This presentation has been prepared by Carnarvon. No party other than Carnarvon has authorised or caused the issue of this document, or takes responsibility for, or makes any statements, representations or undertakings in this presentation.

3. Strategy
Intense North West Shelf focus
Leverage specialist inhouse skills
Utilise comprehensive data base
Target high value projects

4. Extensive project portfolio
Projects
9 projects covering 15 permits
Pipeline of maturing projects
2 progressing to commercialisation

5. 2018 Phoenix project NOW Phoenix South-3 appraisal well oil & gas
May Dorado-1 exploration well oil & gas
Buffalo project
Well planning low risk development oil
Other projects
Farm-out(s) pipeline of opportunity oil & gas

6. Phoenix project

7. Project snapshot 2018 wells Phoenix South appraisal Dorado exploration
4 discoveries already
Successful flow test
Economic resource at Roc
Additional targets close by
40km radius
Phoenix South
Roc
Dorado

8. 3D seismic image – red line is top of Caley interval
Phoenix South-3 well (2018)
Phoenix South-2 well
Roc-1 well
Roc-2 well
Dorado-1 well (2018)
Phoenix Sth
Roc
Dorado
Confirmed gas & oil (condensate)

9. Phoenix South-3 (PS-3) High confidence PS-3 is 560m from PS-2 Funded
Phoenix South-3 well (2018)
Phoenix South-2 well
Roc-1 well
Roc-2 well
High confidence
PS-3 is 560m from PS-2
Funded
With existing cash
Near term
April 2018 drilling
Roc + Phoenix South
Aggregate oil & gas
Dorado-1 well (2018)
Confirmed gas & oil (condensate)

10. Dorado-1 Quality target Same interval / updip 15 km from Roc
Upside in deeper sands
Funded
With existing cash
Near term
May 2018 drilling
Phoenix South-3 well (2018)
Phoenix South-2 well
Roc-1 well
Roc-2 well
Dorado-1 well (2018)
Confirmed gas & oil (condensate)

11. Gas & oil volumes (mid case recoverable)
Phoenix South-3 well (2018)
Phoenix South-2 well
Roc-1 well
Roc-2 well
Dorado-1 well (2018)
Phoenix South (Caley)
489 Bcf of gas
57 mmbbls of oil
28 mmboe to CVN
Roc Field (Caley)
332 Bcf of gas
20 mmbbls of oil
15 mmboe to CVN
Dorado (Caley)
545 Bcf of gas
30 mmbbls of oil
25 mmboe to CVN
Confirmed gas & oil (condensate)

12. Export from offshore facility
Oil
Export from offshore facility
Gas
Domestic supply
Diesel replacement in mining
Export
Port Hedland
Karratha gas plant
Iron ore mining
Potential future gas pipelines

13. Buffalo project

14. New technology better images oil field potential
Target - unproduced areas within the field
Four wells produced 20 mmbbls between 1999 and 2004

15. Target - unproduced oil in the field
OOWC
Top of Elang Fm. Reservoir W E
Buffalo 5
~8.5 mmbo
produced
Attic volume above
Buffalo-5 perforations
(namely unproduced oil)

16. Structural attics clear on new data
OOWC
Top of Elang Fm. Reservoir W E
Buffalo 5
~8.5 mmbbls
produced
Attic volume above
Buffalo-5 perforations
(namely unproduced oil)

17. Compelling economics
Oil volume mmbbls recoverable (RISC audited 2C)
Development plan low risk in replicating previous facilities
Development cost US$150m
Operating costs US$80m to $100m p.a. (4 year life)
Significant FCF

18. Buffalo oil field in Timor-Leste
Treaty
Signed 7 March 2018
Equivalent conditions
Australian domestic law
Security of title and legal rights
Fiscal terms
Going forward
Production Sharing Contract - in progress
Well & redevelopment - clear to progress

19. Other projects
Labyrinth project
Farm out commenced Feb 2018

20. Farm out commencing mid 2018
Other projects
Condor project
Farm out commencing mid 2018

21. High graded by Swell-1 result
Other projects
Outtrim project
High graded by Swell-1 result

22. Wrap up NOW Phoenix South-3 upside if it’s a stratigraphic structure
May Dorado-1 upside if multiple stacked pay
Buffalo development 31mmbbl resource to reserves to production
Farm-out alpha leverage to the oil sector

23. Think Different Act Different